Startup news and updates: Daily roundup (August 21, 2024)
YourStory presents the daily roundup from the Indian startup ecosystem and beyond. Here's the roundup for Wednesday, August 21, 2024.
Funding news
TransBnk raises $4M in Series A funding round led by 8i Ventures, Accion
Mumbai-based transaction banking platform on Wednesday said that it has raised $4 million in a Series A funding round led by venture capital fund 8i Ventures and Accion Venture Lab.
The round also saw participation from GMO Venture Partners, Ratio Ventures, Force Ventures along with a prominent group of family offices, institutions, and angel investors.
TransBnk intends to use the newly raised funds to expand its network of banking partners and pursue global expansion plans, focusing on Middle East and South East Asia markets. It also plans to bolster its tech infrastructure and enhance its product stack.
“We are elated with this fund-raise, which underscores investors’ confidence in our vision, team, and ability to operate in a competitive environment,” Vaibhav Tambe, CEO and Co-Founder of TransBnk said.
LLUMO AI secures $1M seed funding led by SenseAI Ventures
AI optimisation company LLUMO AI on Wednesday said that it has raised $1 million (Rs 8 crore) in seed funding led by AI-focused venture capital fund SenseAI Ventures.
The round also saw participation from India Quotient, AumVC, Venture Catalyst, IIM Indore Alumni Angel fund, and US-based angel investors.
LLUMO AI will use the newly raised funds to address challenges businesses face when integrating Generative AI and Large Language Models (LLMs) into their services and products.
The funding round is also expected to support the company’s expansion into the US market and development of a platform that integrates with existing AI workflows.
“With this funding, we are one step closer to realising our vision of making Generative AI accessible, affordable, and impactful for businesses worldwide,” Shivam Gupta, Founder of LLUMO said.
Venture Catalysts leads seed funding round in drone infra company NxtQube
Integrated incubator and accelerator platform Venture Catalysts on Wednesday said that it is the lead investor in a seed funding round for NxtQube.
NxtQube, which develops complementary automation solutions for drone manufacturers, service providers and end users, aims to cater to the 2 million drones in the defense and enterprise sectors across Asia Pacific, Europe, and US markets.
“NxtQube's innovative approach to drone infrastructure aligns perfectly with the rapidly evolving drone ecosystem. Their universal docking station has the potential to significantly reduce operational costs and increase efficiency in drone deployments. We believe NxtQube is well-positioned to become a global leader in drone infrastructure, catering to the growing demand for autonomous drone operations across various sectors,” Apoorva Ranjan Sharma, Co-founder, and Managing Director of Venture Catalysts said.
NLB Services invests in GenAI SaaS startup Humanize
has invested an undisclosed amount in GenAI integrated SaaS venture Humanize.
The majority of the investment will be directed towards scaling its technology and research and development, developing the AI platform, creating CoEs, and expanding its workforce.
Humanize, headquartered in the US, will initially focus on India, the Middle East and US and will explore international markets like Southeast Asia, Germany, the Nordics, UK, Australia and Japan.
“We have found the right partners with NLB Services in our journey. NLB's global talent acquisition capabilities and expertise in Digital, Analytics, and Infrastructure are well-positioned to establish Humanize as a leader. Within the first five years of operations, we are looking at onboarding 80-100 customers and building an 800-1000 people team. Our revenue mix will significantly shift towards a non-linear model from Year 3 onwards, leveraging our AI platform,” Jagdish Mitra, Founder & CEO of Humanize said.
Revrag AI raises $600K in its pre-seed funding round
B2B sales startup Revrag on Wednesday said that it has raised $600,000 in a pre-seed round led by Powerhouse Ventures.
The round also saw participation from investors including 6Sense co-founder Viral Bajaria, Cred founder Kunal Shah Slintel founder Deepak Anchala and Rhythms founder Vetri Vellore, and 20 other marquee angel investors. Revrag is also backed by founders and senior executives of 6Sense and Slintel.
”At Revrag, we're building intelligent AI agents to help revenue teams automate their redundant work so they can focus on what's important. For example, our AI-BDR can smoothly take care of the initial prospect outreach and schedule meetings, allowing human sellers to focus more on client interactions and other complexities of the sales process," CEO and co-founder Ashutosh Singh said.
Other news
Chandan Churiwal promoted to CEO of ACRE
Assets Care & Reconstruction Enterprise on Wednesday said that it has promoted Chandan Churiwal as its Chief Executive Officer and whole time Director.
Churiwal was previously the Chief Operating Officer at the company.
In his new role, he would be responsible for overseeing the company’s operations and directing strategic initiatives.
“Having been a part of ACRE's journey for the past seven years, I am deeply honoured to assume this new responsibility. Together with our talented team, I look forward to continue building on ACRE’s strong foundation for it to remain one of the top ARCs in the country,” Churiwal said.
Lendingkart and Tata Capital Limited to co-lend unsecured business loans to MSMEs
Retail lending marketplace on Wednesday said that it has entered into a co-lending partnership with Tata Group’s financial services arm, Tata Capital Limited, to provide business loans to Micro, Small & Medium Enterprises (MSMEs).
Lendingkart, through its SaaS platform, 2gthr, will oversee customer journey and aims to enhance credit access for MSMEs.
“Our goal is to enhance credit penetration and make financing accessible and easier for MSMEs. This partnership will help us address the critical financing requirements of underserved businesses and drive greater operational efficiencies. We look forward to collaborating with Tata Capital to leverage its wide network with our platform and technology,” said Harshvardhan Lunia, Founder and CEO at Lendingkart.
ideaForge's Q6 V2 receives DGCA Type Certification
Drone technology company on Wednesday said that its latest unmanned aerial vehicle, the Q6 V2, received the DGCA (Directorate General of Civil Aviation) type certification.
The Q6 V2 is the newest addition to the company’s lineup of DGCA-type certified drones and is set to play a pivotal role across industries such as surveillance, mapping and critical inspections.
“Securing the DGCA type certification for the Q6 V2 is a significant milestone for us. This accomplishment not only underscores our unwavering commitment to innovation and reliability but also solidifies the Q6 V2 as a benchmark in unmanned aerial technology,” said Sunil Jha, Senior Director, Engineering, ideaForge Technology Limited.
B2B SaaS fintech Perfios hires Infosys’ Rajesh Kini as new CFO
Bengaluru-based on Wednesday said that it has appointed Rajesh Kini as its new Chief Financial Officer.
Kini joins the B2B SaaS fintech from Infosys where he served as CFO of its product subsidiary and headed the Corporate Accounting Group.
“Joining Perfios at such a pivotal time is truly exciting for me," commented Rajesh Kini, the new CFO at Perfios. "Perfios is a remarkable made-in-India-for-the-world brand that exemplifies the potential of our innovations in the financial sector. The company's achievements in the financial technology domain are outstanding, demonstrated by their strong collaborations across all major BFSI institutions in the country,” Kini said.
Tamil Nadu lays foundation of Hyundai Motor India’s Hydrogen Innovation Centre
Hyundai Motor India on Wednesday announced the ground-breaking ceremony of its hydrogen innovation centre at the Tamil Nadu Investors Conclave 2024.
The new facility, which is being developed in partnership with IIT Madras and Guidance Tamil Nadu with support from the Tamil Nadu Government is set to be an innovation centre in the field of hydrogen technology.
The virtual ground breaking ceremony of the project was done by M. K. Stalin, the Chief Minister of Tamil Nadu.
“Hyundai Motor India Limited remains committed to being a strategic partner in the Tamil Nadu Government’s vision of building a sustainable ecosystem for the transition towards alternate fuels. We are hopeful the upcoming hydrogen innovation centre will accelerate hydrogen mobility adoption in Tamil Nadu. HMIL will be investing INR 100 Crores towards facility construction at the IIT Madras Thaiyur campus in Chennai,” said Gopalakrishnan Chathapuram Sivaramakrishnan, Whole-time Director and Chief Manufacturing Officer (CMO), HMIL.
BLive partners with Awign to onboard 10,000 riders for BLive’sEV Rental Programme
E-mobility platform on Wednesday said that it has entered into a strategic partnership with work-as-a-service platform Awign to onboard 10,000 riders to BLive’s EV Rental Programme over the next 12 months.
The company added that this provides gig workers access to affordable electric vehicles.
Under BLive’s EZY EV Rental Programme, riders will be offered flexible rental terms and low weekly rates starting at Rs 1,500. The "Rent to Own" model allows riders to own their EVs after 36 months.
"Our EZY EV Rental Programme has been instrumental in reducing the financial barriers for delivery workers, and this partnership will further accelerate the adoption of electric mobility in India,” Samarth Kholkar, CEO and Co-Founder of BLive said.
VC firm Chiratae Ventures announces 2024 cohort of seed investment initiative
Chiratae Ventures on Wednesday launched its 2024 cohort of its seed investment initiative, Chiratae Sonic.
The edition, like the previous editions, will continue to accelerate and democratise the fundraising process for early-stage tech startups. Under Chiratae Sonic, the firm will also offer deal terms for equity investments and due diligence with its partners.
“Chiratae Sonic has played a key role in supporting the identification of promising early-stage startups. Our focus on swift decision-making and extensive support has enabled founders to establish successful companies. We look forward to continuing this approach with the 2024 cohort, furthering technological innovation in India and beyond,” said Venkatesh Peddi, Managing Director at Chiratae Ventures.
(This article will be updated with the latest news throughout the day.)
Edited by Jyoti Narayan
